The narrative around venture capital is changing, as the public markets have lost faith in the private markets due to a history of poor IPOs and a lack of transparency.

The question of why companies should go public is increasingly relevant, especially given the extended privatization windows available today. I think companies realize they can have greater focus by remaining private for longer.

Deciding whether to stay private or go public is primarily a financing decision, influenced by the need for liquidity among employees and investors.

The venture capital landscape has shifted to favor companies that can scale quickly and dominate their markets, leading to larger valuations for fewer companies.

The healthcare industry lacks public figures advocating for transparency, unlike the tech industry where CEOs are more open about their companies.

Many companies, especially in sectors like financial services and automotive, have adopted short-term time horizons and leveraged up to buy back shares, which may lead to price cuts to service their debt.

Public markets may initially react irrationally, but over time, they tend to reflect the underlying financial health of companies, emphasizing the importance of profitability and customer retention.

This debanking phenomenon has been particularly prevalent among crypto and fintech entrepreneurs over the last four years, as they face increasing pressure to protect established banks.

You can build a better business by staying private for longer, as we're starting to see the evolution of large companies facilitating secondary rounds.